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Sheffield Wednesday thread

Jul 29, 2012
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Agreed and no worries- for everyone’s benefit you’d hope that the EFL deal expeditiously with the new owners application but at least you’ll still have a club and knowing they have the financial clout to take the club forward . Storch is paying £15M for the whole club - about the same as Simon Hallett is or was looking for a 30% interest . Admittedly Hillsborough needs a lot of work and it’s a distress sale but it puts it in perspective.
FYI although it’s only extracts . I see there’s rumours about you being salary capped as well . I reckon the “ sanctions package” will be agreed . As everything needs to be signed off by both EFL and the regulator and new proposals from the regulator published today , I don’t see you being allowed to incur losses on players so what you spend , at least for year 1 , will be limited to tickets and commercial income .
 

robin

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Well, it will hardly come as a surprise to the EFL that new owners want to contest the sanctions, so it’s hardly a heads up. Same as Dale Johnson at the BBC said about Leicester’s appeal “ No one should be surprised that Leicester have appealed against their points deduction”.

They’d have to be brain dead not to be anticipating it and as much as some of us might think there are clowns at the top of the game, we know they’re not brain dead.

Paying fees for players is not a massive problem in L1 anyway. I would hope we can put a decent squad together without paying fees, at least for next season. I hope they’re appealing that nonsense too. Where’s the fairness in relegating a side and then hitting them again in a way which is likely to hinder its recovery?

They keep spouting that it’s about getting rid of rogue owners. Well we’ve done that. We’ve been punished and relegated. What punishment has Chansiri had? He’s lost a shed load of money due to his own financial incompetence and rank bad management. Remember he got rid of all the directors at the club, or they resigned in protest at his ‘leadership’. He’s banned from ownership in the UK, but let’s face it he won’t be trying that hobby again anyway.

The only people who have been punished here really, are the supporters of Sheffield Wednesday FC and the businesses who rely on the club and its all down to that odious waste of space Dejphon Chansiri. Who EXACTLY will be punished next season with a third points deduction? The supporters, the new owners and the local community. Pubs, food outlets etc etc.

All we hope is that we have a fighting chance of putting a decent enough squad together to get to safety in L1 next season. Storch is talking already about building a squad to get back to the Championship as quickly as possible, with the PL being the ultimate aim, so hopefully the recovery starts soon.

Just for clarity, when you said ‘No’ at the beginning of your reply, were you saying, no you would not expect Argyle to just lay down and take it, if the exact same situation had occurred here?
Everyone else has to follow the rules, as we did, so Wednesday should have to as well.

A lot of money is owed to local businesses you mention, they are being overly punished by the new owners, why don't the new owners pay them back 25% and avoid the deduction?

The whole administration rules certainly need reform and it will be interesting to see what the new regulator can do, currently there seems to be few concrete examples of what their specific powers will be so far, all very worryingly general.

Fans of other clubs suffered as Wednesday massively and unfairly overspent and now it is Wednesday fans turn to suffer, neither of those circumstances is fair. Fans are always the ones to suffer unfortunately.

The EFL certainly don't care, they made that clear in their meetings with the Trust before Chansiri left, they just want Wednesday to be able to fulfil their fixtures, with whatever team they have available and whatever points deduction.

So Wednesday can appeal as everyone does but instead I would focusing all that time and money on actually completing the administration process and then playing a part in its reform.

Parts of the statement from the Trust seem incredibly naive, Storch fell in love with Wednesday against Norwich in 2025, you really believe this? Presumably that was after he fell in love with Reading when he was trying to buy them, and hopefully after he fell in love with Blackpool as he tried to buy them and certainly before he fell in love with Cardiff when he tried to buy them.

He must just be an old romantic.

Instead I would be asking the following questions:

1. How much are the administrators making out of this process?
2. What exactly were the criteria that they chose the previous bid, simply because it was the highest?
3. What due diligence did they carry out on that bid, as it took so long to be accepted and seemed doomed to fail from the start.
4. Why state in the previous statement that Wednesday are fully funded through to the end of the season by the previous bidders and yet contradict this to say Storch has to put in money to fund the club to the end of the season.
 
May 27, 2019
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Everyone else has to follow the rules, as we did, so Wednesday should have to as well.

A lot of money is owed to local businesses you mention, they are being overly punished by the new owners, why don't the new owners pay them back 25% and avoid the deduction?

The whole administration rules certainly need reform and it will be interesting to see what the new regulator can do, currently there seems to be few concrete examples of what their specific powers will be so far, all very worryingly general.

Fans of other clubs suffered as Wednesday massively and unfairly overspent and now it is Wednesday fans turn to suffer, neither of those circumstances is fair. Fans are always the ones to suffer unfortunately.

The EFL certainly don't care, they made that clear in their meetings with the Trust before Chansiri left, they just want Wednesday to be able to fulfil their fixtures, with whatever team they have available and whatever points deduction.

So Wednesday can appeal as everyone does but instead I would focusing all that time and money on actually completing the administration process and then playing a part in its reform.

Parts of the statement from the Trust seem incredibly naive, Storch fell in love with Wednesday against Norwich in 2025, you really believe this? Presumably that was after he fell in love with Reading when he was trying to buy them, and hopefully after he fell in love with Blackpool as he tried to buy them and certainly before he fell in love with Cardiff when he tried to buy them.

He must just be an old romantic.

Instead I would be asking the following questions:

1. How much are the administrators making out of this process?
2. What exactly were the criteria that they chose the previous bid, simply because it was the highest?
3. What due diligence did they carry out on that bid, as it took so long to be accepted and seemed doomed to fail from the start.
4. Why state in the previous statement that Wednesday are fully funded through to the end of the season by the previous bidders and yet contradict this to say Storch has to put in money to fund the club to the end of the season.
But the, we suffered so should you attitude is not how the regulator sees things now is it?

He’s repeatedly said that it’s wrong for clubs and their supporters to be punished for the misdemeanours of (former) rogue owners.

I just want it to be over now. If it takes the new owners a couple of years or so to rid the club of its shackles, created entirely by Chansiri, that’s how it will have to be.
 

robin

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But the, we suffered so should you attitude is not how the regulator sees things now is it?

He’s repeatedly said that it’s wrong for clubs and their supporters to be punished for the misdemeanours of (former) rogue owners.

I just want it to be over now. If it takes the new owners a couple of years or so to rid the club of its shackles, created entirely by Chansiri, that’s how it will have to be.
It is not about whether we suffered, it was about whether we followed the rules.

Hopefully, the regulator will change those rules as you say it is clearly wrong for clubs and supporters to be punished for past owners but time will tell what their actual powers are, and any reform of the system looks like it might just come too late for Wednesday.

The whole administration process needs reforming, I see that Begbies Traynor took 8 months to complete Port Vale's administration process which was a similar time period to ours. It is too long and too opaque.
 
Jul 29, 2012
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Came across this

Very comprehensive piece which summarises the issues very well . There’ll be a deal done , but what the EFL won’t , or shouldn’t do , is allow the new owners to pay less than the 25% , get whatever penalty is imposed , and then outspend all other clubs in L1 on wages and fees . Lincoln and Stevenage have done well with low budgets and having a mid table salary cap of £7M doesn’t seem that unreasonable. Reading have also been operating under a salary cap this season - all 3 clubs would be safe with a 15 point deduction .
 
Aug 17, 2005
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I did check this out, and from what i can work out is that whilst the administrators have a legal obligation to do the best for the shareholders a problem could arise if chansiri doesn't get the 15 million he considers he is owned. The problem is where the ground and the club were joined up in the administration process. As the sole shareholder in the ground if he doesn't get the 15 million he can raise a legal objection to the takeover. His argument could be that the ground is worth more than what he is getting as a building site. It would be up to a court of law to decide if he has a case.
 

pafcprogs

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I did check this out, and from what i can work out is that whilst the administrators have a legal obligation to do the best for the shareholders a problem could arise if chansiri doesn't get the 15 million he considers he is owned. The problem is where the ground and the club were joined up in the administration process. As the sole shareholder in the ground if he doesn't get the 15 million he can raise a legal objection to the takeover. His argument could be that the ground is worth more than what he is getting as a building site. It would be up to a court of law to decide if he has a case.
I think part of the issue here is you cannot create a separation of the unsecured creditors so one group get a priority over another.

It’s always the problem that fans treat the club they support as being somehow Separate from the errant owner. It isn’t. And if the money pumped In Is done aa a loan rather than equity as some of Simon’s recent money is then you are gaining the money but also a creditor in th event of an insolvency event.

So of course the rules are the rules. That can be challenged but when you have clubs overspending if every time one falls foul of the rules they are treated as an exception you dont ever fix the issue.

Make no mistake. They may well scare off potential owners because of the size of the mess Chanseri has created. I think that the Storc bid sounds like a proper option.

I think it may come with pretty hefty conditions attached. And yes thy are caused by Chanseri because until it is done he he’s that position of being a substantial creditor.
 
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And the sorry saga rumbles on :eek:
Chansiri is not going away peacefully